Examlex
Suppose that in October the price of a cup of cafe latte was $1.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 200 lattes were consumed. What might have caused this change?
Common Resources
Refers to goods that are non-excludable and rival in consumption, such as fish stocks in the ocean or public parks, where usage by one person reduces availability for others.
Marginal Social Cost
The cost to society of producing one additional unit of a good or service.
Private Supply
The provision of goods or services by businesses or individuals rather than by the government.
Marginal Social Cost
The total cost society pays for the production of an additional unit of a good or service, including both private costs and any external costs.
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